Shell to sell 1,000 retail sites in two years
Published on: Mar 18, 2024
The energy company announced the decision through its Energy Transition Strategy report, with the aim of upgrading its retail network.
Shell announced plans to sell a total of 1,000 retail sites in the next two years, divesting 500 company-owned locations a year for 2024 and 2025.
Through this sale, the energy firm aims to upgrade its retail network by adding low-carbon fuels and electric vehicle (EV) charging equipment at sites that meet the company’s investment criteria. These include China, Europe and the United States.
Shell is also looking to reduce its presence in other markets as part of this strategy.
“We have other competitive advantages, such as our convenience retail offering which allows us to offer our customers coffee, food and other convenience items as they charge their cars. As we grow our business offering charging for electric vehicles, we expect an internal rate of return of 12% or higher,” the company stated in the report.
Shell looks to expand its public charging network to operate close to 200,000 charging points by 2030, with a focus on growing markets like China and Europe. Currently, the firm offers 54,000 public charging points throughout the world.
The report also specifies the company’s intent in developing its non-energy portfolio, which includes a $2.3 billion investment from last year.
